Access Over Ownership And The On Demand Generation’s Consumption Habits

memeThe Netflix model of having access to items rather than owning them has been applied to dozens of industries, and Millennials are among the biggest adopters of this ever-growing trend. They don’t care as much about owning everything — whether it’s music, TV shows, or luxury dresses — as long as they can obtain these things when they need them. This mindset is what changed the music industry — YouTube is now the top way in which teens listen to music — and this attitude is influencing marketers who want to tap into Millennials’ purchasing, or rather renting, habits.

Rent the Runway isn’t new, but many female Millennials are continuously turning to it when they need a dress for a special occasion. Whether it’s prom, a school formal, their birthday, or graduation, teens and twentysomethings know that this method allows them to wear their dream dress at a more affordable price. This is valuable in that special occasion dresses aren’t worn often, and they can be pricey for something that then collects dust in their closet. However, if they rent a dress, solely for the situation in which they need it, the “runway” dress becomes more attainable. This also reflects a concept in the age of social media where every outfit is photographed and shared across one’s network. Many Millennials worry about their same clothes constantly being captured on Facebook and Instagram, but renting provides a solution in the form of a temporary expanded wardrobe.

Renting apparel also taps into showrooming, another shopping trend we’re seeing in that Millennials are visiting physical stores to scope out the selection, but not buying items in-person. Rather, they’re treating stores as if they were showrooms, and then going online or comparing prices before making purchases. Rent the Runway for example coincides…

 
 
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Millennial News Feed

Quote of the Day: “I put off/dread calling people in general. Everything should be done online by this time!” –Female, 30, FL 

In a continued effort to draw back the teen consumers they’ve lost, Abercrombie & Fitch’s logo will “be dead” in U.S. stores by 2015. Globally, the Abercrombie and Hollister logos and names will still be used on designs, but will be phased out here where the brand knows it is no longer considered a status symbol. Abercrombie’s sales continue to fall, and the retailer is making efforts to appeal to a different youth mentality by removing references to “Ivy League heritage,” making the brand “totally accessible,” and toning down the club-like atmosphere in-store. (BuzzFeed)

Following heartbreaking stories of the death of toddlers forgotten by their parents in hot cars, automakers made claims that they would be working on new technology to help prevent the tragedies. But years later that technology has not been produced, so parents and teens are developing it instead. Independent entrepreneurs are working on a slew of solutions for baby on board tech that would stop hot-car deaths, including car seat sensors, smartphone apps, and low-tech solutions. Many are seeking backing on crowdfunding sites to make their products a reality. (Washington Post)

Ck one was an iconic ‘90s product, but the brand has kept up with the youth market in order to stay relevant with a new generation. The fragrance, celebrating its 20th anniversary this year, relies on social media platforms, including Snapchat andTumblr, to attract Millennials and stay engaged. When creating their latest TV ad, they invited all participating talent to take behind-the-scenes pictures, selfies, and video, which were then used to “seed” the new campaign on social. The Snapchat campaign has “seen more than 1 million views in just a month and a half.” (Mediapost)

Just a few years ago, Hollywood was incredulous that YouTube was anything more than a collection of amateur vloggers, and certainly most didn’t believe that it would change the traditional entertainment world. But now, YouTube has become a “Hollywood hit factory” for teen entertainment. Smaller companies that realized the platform’s potential early have grown massively, big studios are snapping up YouTube studios to get in on the action, and programming is in the midst of  “rapid consolidation.” Our social media trend tracker shows that as of March 2014, YouTube has become the number one platform teens use, with 89% telling us they use the video site compared to 80% who say they use Facebook. (Businessweek)

Earlier this summer, a report that fewer teens were interested in getting summer jobs than ever before had older generations rolling their eyes at the slacker youth who “don’t want to work.” But new research indicates that it might not just be that lazy kids these days want to spend their summers taking selfies: It could be that teen jobs don’t pay off the way they used to. Millennials with summer jobs don’t see the future wage increase that teens in the ‘70s and ‘80s did. (Vox

Every day we deliver Millennial insights to your inbox, but every quarter, we look at some of the larger trends happening within the generation—and why they matter to brands. Our Gold subscribers have access to the Ypulse Quarterly report, an in-the-know guide to Millennials that synthesizes the major trends and stats we’ve seen over the last quarter of the year. We take a close look at the "why behind the what" and provide in-action examples and supportive data, along with implications for you to take away. (Ypulse)

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